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Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
 * Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, Australia approved Chinese firm Yanzhou Coal Mining Co's $2.9 billion takeover of coal-miner Felix Resources Ltd on Friday, but said the local firm's assets must be run by an Australia-based company.
The deal is also conditional on listing the local unit on the Australian market and trimming Yanzhou's holding, but it does not change Australia's declared bias against takeovers of greenfield resource projects or major mining companies.
"I won't say this is a dramatic shift in government policy," said Ian Ramsay, a law professor of University of Melbourne.
"We are seeing government policy evolve in relation to foreign investment decisions and that is certainly the case in relation to investments by Chinese companies in Australian resources sector."
Chinese state-owned companies have been looking to buy up Australian mining assets to secure supplies of raw materials for its rapidly growing economy, the world's third largest.
But bilateral ties have been strained by Canberra's opaque and sometimes lengthy process for vetting foreign investments, with some high-profile deals falling through before a decision is reached or after strict conditions have been imposed.
"The government is looking for an acceptable middle ground. This does send a pretty positive message and I say this because these are not unduly onerous undertakings," Ramsay said.
LOCAL LISTING, EXECUTIVES
The Australian government has stipulated that Yanzhou Coal must list the local unit on the Australian stock market by 2012 and cut its ownership to less than 70 percent, Assistant Treasurer Nick Sherry said in a statement.
Sherry said Yanzhou had already accepted these conditions, as well as promised to base the local unit's chief executive and chief financial officer in Australia.
Yanzhou further agreed to market coal produced at all of its Australian mines "on arms-length terms with reference to international benchmarks and in line with market practices."
Felix, which has mines in Queensland and New South Wales states, produced 4.8 million tonnes of coal in the year to June. Analysts expect the deal to boost Yanzhou's output by about 10 percent.
"With these undertakings provided by Yanzhou, I consider that this acquisition is consistent with Australia's national interest," Sherry added.
In March, Canberra rejected Chinese state-owned firm Minmetals' $2.26 billion bid for all of local miner OZ Minerals on national security grounds.
Other mooted deals have also been derailed.
Anglo-Australian miner Rio Tinto walked away from a $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Friday, 23 October 09
INDIAN GROUP INTERESTED IN MOZAMBICAN COAL
Mining Weekly reported that, India’s leading steelmaker, the Steel Authority of India Limited (Sail), has confirmed that it is seeking to acqu ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
Friday, 23 October 09
CIL PRICE HIKE LIKELY TO PUSH POWER RATES UP
Business-Standard reported that, May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
The upward re ...
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- Parliament of New Zealand
- The University of Queensland
- Standard Chartered Bank - UAE
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- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
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- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
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- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
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- Tamil Nadu electricity Board
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
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